A free trade agreement between Iran and the Eurasian Economic Union was signed in Saint Petersburg, Russia on December 25, Trend reports.

The agreement was signed by Iran’s Minister of Industry, Mine and Trade Abbas Aliabadi, and the deputy prime ministers of the member countries of the union.

The temporary free trade agreement between Iran and EAEU has been in force since 2018. In 2022, the value of trade turnover between Iran and the Eurasian Economic Union amounted to $6.2 billion.

The mentioned agreement must be ratified in the parliaments of 6 countries (Iran and EAEU member countries).

After the agreement enters force, the trade turnover is predicted to reach $18-$20 billion within 5 through 7 years.

The parties will reportedly completely cancel duties on 87 percent of the goods traded within the framework of the free trade agreement. Each of the parties will prepare a list that is considered sensitive and on which the duty cannot be eliminated, and 13 percent of the goods traded between the parti
es and on which the duty is not eliminated will be listed.

For example, there are a number of goods in Iran’s industry or agriculture, which may be damaged if the duty of those products is canceled. In return, EAEU member countries will prepare a list of such products.
Source: Trend News Agency